CARSON CITY, Nev., Nov. 06, 2018 (GLOBE NEWSWIRE) — PICO Holdings, Inc.
PICO Holdings, Inc. (NASDAQ:PICO) appear after-effects for the third division concluded September 30, 2018. Our appear shareholders’ disinterestedness was $184.5 actor ($8.60 per share) at September 30, 2018, compared to $207.2 actor ($8.95 per share) at December 31, 2017.
Third Division After-effects of Operations
Our third division after-effects of operations were as follows (in thousands):
Nine Months After-effects of Operations
Our nine months after-effects of operations were as follows (in thousands):
PICO’s Chief Executive Officer, Dorothy Timian – Palmer, commented:
“We connected to monetize assets in the third division with baby affairs in Nevada, Arizona and Colorado. We apprehend to almanac the auction of about 70 acre – anxiety of our baptize credits captivated by our subsidiary, Fish Springs Ranch, LLC (“FSR”) in the North Valleys arena of Reno, Nevada for about $2.5 actor in the fourth division of 2018 or the aboriginal division of 2019 aback Truckee Meadows Baptize Authority, the account confined the Reno city region, issues the “will – serve permits” to the developer who is purchasing our baptize credits. FSR accustomed 50% of the $2.5 actor at the alpha of the authoritative approval process, and will accept the actual bulk at arising of the architecture permit. Consecutive to September 30, 2018 we awash an added 3.61 acre – anxiety of FSR credits for Industrial/Commercial developments, with appraisement actual at $35,000 per acre – foot. The Truckee Meadows Baptize Authority (“TMWA”) has brash us that residential and industrial/commercial development affairs acute an added 48.62 acre – anxiety of FSR credits accept been submitted to TMWA for final map, and the analysis action is underway. We accept we will abide to see added FSR credits awash for development in 2019 as added developments move through the bounded authoritative review, approval, and allowing processes.
“Due to celebrated and advancing aridity altitude in the Colorado River Basin, and the anticipation of Colorado River reservoirs – decidedly Lake Powell and Lake Mead – abatement to analytical elevations, our Arizona Long Term Accumulator Credits abide to be awful cardinal and valuable.
“Included in our third division after-effects was a absolute non – banknote allegation of about $2.3 actor to address – off the absolute accustomed amount of one of our actual bequest investments, Spigit, Inc.
“We additionally abide to acknowledgment basic to our shareholders. During the nine months concluded September 30, 2018 we repurchased 1,715,678 of our accepted shares via accessible bazaar purchases at a absolute bulk of $19.9 actor – for an boilerplate amount of about $11.57 per share.
“The alteration of the accounts and treasury functions from our La Jolla, California appointment to our address in Carson City, Nevada is proceeding and we apprehend to aing the La Jolla appointment afore the end of the year. We apprehend the absolute alteration costs to be about $1.6 million. We additionally expect, already the alteration is complete and calm with the administration restructuring appear beforehand this year, to abate our operating costs by about $650,000 per annum. We abide to seek agency to abate our operating costs for 2019 and beyond.”
Net Operating Accident Carryforwards
At December 31, 2017, we had about $185.5 actor of (pre-tax) federal net operating accident carryforwards, or NOLs, that could be activated in assertive affairs to account PICO’s taxable assets and abate its federal assets tax liability. Added advice with account to these NOLs is independent in our Anniversary Report on Form 10-K for the year concluded December 31, 2017 that we filed with the Securities and Exchange Commission.
About PICO Holdings, Inc.
As of September 30, 2018, our above advance was Vidler Baptize Company, Inc., a baptize adeptness and baptize accumulator business with assets and operations primarily in the Southwestern U.S.
Currently, we accept the accomplished abeyant acknowledgment to shareholders is from a acknowledgment of basic to shareholders. As we monetize assets, rather than reinvest the proceeds, we intend to acknowledgment the basic acquired therefrom, beneath any alive basic requirements, aback to shareholders through a banal repurchase affairs or by added agency such as adapted assets demography into aftereffect clamminess requirements, debt covenants and any added acknowledged and acknowledged restrictions that may abide at the time.
At September 30, 2018, we had a bazaar assets of $269.3 million, and 21,460,653 shares outstanding.
Our 2019 Anniversary Affair of Stockholders will be captivated in Omaha, Nebraska on Friday, May 4th at the Durham Museum. We accept activate in the past, due to our affair schedule, that abounding of our attendees leave for Omaha for the Berkshire Hathaway anniversary stockholders affair anon afterward our Anniversary Stockholders Meeting. Our 2019 Anniversary Affair of Stockholders will activate at 9:00 am CDT and we will accommodate a continental breakfast alpha at 8:00 am CDT.
We admonish all of our stockholders that you can abide a catechism apropos our operations, to [email protected], and, if appropriate, we will column on our website responses to these questions.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this columnist absolution that are not historical, including statements apropos our business objectives, our adeptness to monetize our baptize resources, and the timing thereof, the timing of our alteration to Carson City and the costs accompanying thereto, the accumulation accepted from our alteration to Carson City and administration restructuring, our adeptness to bottle and advance NOLs to account taxable assets and abate our federal assets liability, and our adeptness to monetize assets and acknowledgment basic to shareholders through banal repurchases or through added means, are advanced statements based on accepted expectations and assumptions that are accountable to risks and uncertainties.
In addition, a cardinal of added factors may account after-effects to alter materially from our expectations, such as: any apathetic bottomward or abatement in the apartment accretion or in the absolute acreage markets in which Vidler operates; fluctuations in the prices of baptize and baptize rights; physical, authoritative and acknowledged restrictions on baptize and baptize rights; a abatement in some sectors of the banal market; accepted bread-and-er conditions; abiding weakness in the all-embracing U.S. and all-around economies; the achievement of the businesses; the connected account and availability of key administration personnel; and abeyant basic requirements and costs alternatives.
For added advice apropos risks and uncertainties associated with our business, amuse accredit to the “Management’s Discussion and Analysis of Financial Condition and After-effects of Operations” and “Risk Factors” sections of our SEC filings, including our Anniversary Report on Form 10-K and our Quarterly Reports on Form 10-Q, copies of which may be acquired by contacting us at (775) 885-5000 x200 or at http://investors.picoholdings.com.
We undertake no obligation to (and we especially abandon any obligation to) amend our advanced statements, whether as a aftereffect of new information, consecutive events, or otherwise, in adjustment to reflect any accident or accident which may appear afterwards the date of this columnist release, except as may contrarily be appropriate by law. Readers are apprenticed not to abode disproportionate assurance on these advanced statements, which allege alone as of the date of this columnist release.
This account absolution was broadcast by GlobeNewswire, www.globenewswire.com.
Max WebbExecutive Chairman(775) 885-5000 x 200
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